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Trump Announces Wealthy Group to Buy TikTok, Seeks China’s Approval

He said the buyers’ names will be revealed in roughly two weeks with the current U.S. sell-or-ban deadline set for September 17.

FILE – The TikTok app logo appears in Tokyo on Sept. 28, 2020. (AP Photo/Kiichiro Sato, File)
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Overview

  • President Trump said an undisclosed group of “very wealthy people” has agreed to buy TikTok’s U.S. operations and that he will identify them in about two weeks.
  • He indicated the sale will likely require approval from President Xi Jinping, expressing confidence that Beijing will greenlight the transaction.
  • The president has used three executive orders to delay enforcement of a 2024 law mandating ByteDance’s divestment, most recently pushing the deadline to September 17.
  • ByteDance confirmed ongoing negotiations with U.S. officials but warned that key issues must be resolved and any deal would be subject to Chinese legal approval.
  • Earlier efforts this spring to spin off TikTok’s U.S. arm collapsed after Beijing withdrew support over U.S. tariff announcements, underscoring the impact of broader trade tensions.